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????私募股權(quán)圈子現(xiàn)在流行一個(gè)笑話,，說是加州公務(wù)員退休基金（CalPERS）現(xiàn)在已經(jīng)成了業(yè)界中神一樣的存在,。自從里爾?德斯洛切斯去年成為CalPERS的掌門人以來，該基金只做出了寥寥可數(shù)的幾筆資本承諾,?？磥磉@個(gè)養(yǎng)老金巨頭在托管費(fèi)用上極為精打細(xì)算，甚至導(dǎo)致它的一些長期普通合伙人都到別處去尋找資本了,。

????我們改天再去討論這是否是個(gè)聰明的戰(zhàn)略,，看它是否是省小錢吃大虧。

????今天要關(guān)注的是一條獨(dú)家新聞：CalPERS正在與黑石集團(tuán)（The Blackstone Group）就一個(gè)大型的定制托管賬戶進(jìn)行談判,，目前談判已經(jīng)到了收關(guān)階段,。據(jù)傳雙方最早在下周就將簽訂協(xié)議。

????目前雙方并未披露談判的細(xì)節(jié),，但我們幾乎可以肯定這個(gè)賬戶的規(guī)模在10億美元以上,，結(jié)構(gòu)應(yīng)該與去年年末黑石和新澤西投資局（New Jersey Division of Investment）議定的賬戶結(jié)構(gòu)差不多。它也可能足以與德克薩斯教師退休基金（Texas Teachers' Retirement System）去年和阿波羅全球管理公司（Apollo Global Management）以及科爾伯克-克拉維茨-羅伯特公司（Kohlberg Kravis Roberts & Co）簽訂的30億美元的托管賬戶相媲美,。

????這沒準(zhǔn)兒就是CalPERS一直想要的公關(guān)壯舉,，因?yàn)檫@種交易一般都涉及低于市值且需遵守機(jī)構(gòu)有限合伙人協(xié)會(huì)（ILPA）私募股權(quán)準(zhǔn)則的費(fèi)用結(jié)構(gòu)（至少對于涉及私募股權(quán)的部分是這樣的）。現(xiàn)在還不知道這筆交易是否會(huì)包含CalPERS向黑石集團(tuán)第六期基金（Blackstone Capital Partners VI）注資5億美元的承諾,，也不知道這是否意味著CalPERS或黑石第六期基金的所有投資人會(huì)獲得有追溯權(quán)的費(fèi)用變更,。

????黑石和CalPERS都拒絕對此發(fā)表評論。

????譯者：樸成奎

????A running joke in private equity circles is how the California Public Employees' Retirement System (CalPERS) has become the industry's invisible 800 lb. gorilla, having made just a small handful of new fund commitments since Real Desrochers took over the program early last year. Seems the pension giant has been driving a very hard bargain on fees, causing even some of its longtime general partners to seek capital elsewhere.

????Some other day we'll discuss whether this is smart strategy, or if its penny-wise/pound-foolish.

????For today, some related scoop: CalPERS is in the final stages of negotiating a large, custom-managed account with The Blackstone Group (BX). Word is that an agreement could be signed as early as next week.

????No details yet on the specifics, but we'd be almost certainly be talking $1 billion-plus with a structure somewhat similar to what Blackstone negotiated with the New Jersey Division of Investment late last year. Or perhaps as large as the pair of $3 billion managed accounts that the Texas Teachers' Retirement System signed last year with Apollo Global Management (APO) and Kohlberg Kravis Roberts & Co. (KKR).

????This could be the big PR splash CalPERS is looking for, given that such deals typically involve below-market, ILPA-compliant fee structures (at least for the PE-specific portions). Will be interesting to see if the deal is inclusive of the $500 million commitment CalPERS made to Blackstone Capital Partners VI, and if that would mean any retroactive fee alterations for either CalPERS or all BCP VI investors (depending on MFN clauses).

????Both Blackstone and CalPERS declined to comment.